CleanSpark (CLSK) investor relations material

Key themes and industry evolution

• Panelists discussed the rapid evolution of business models from pure Bitcoin mining to diversified data center operations, including high-performance computing (HPC) and AI workloads.

• Companies are leveraging their expertise in energy management and infrastructure to expand into new compute markets, often blending Bitcoin mining with traditional and AI data center services.

• Strategic acquisitions and retrofitting of existing facilities are enabling faster, cost-effective expansion and flexibility in meeting rising demand for compute power.

• The ability to secure and manage large-scale, low-cost power contracts is seen as a critical differentiator for future growth.

• Several firms highlighted the importance of strong, experienced teams in driving innovation and operational excellence.

Strategic assets and investor perspectives

• Geographic and operational diversity, including gigawatt-scale power management and multiple data centers, are viewed as key assets.

• Many companies emphasize their ability to rapidly deploy and monetize power assets, often outpacing larger competitors.

• Holding significant Bitcoin treasuries and maintaining capital discipline are seen as strengths, with some firms shifting to pure-play strategies in Ethereum and AI.

• Investors are encouraged to look beyond static asset values and consider the upside potential from innovative teams and scalable business models.

• The ability to originate, develop, and commercialize new sites is considered essential for long-term defensibility and growth.

Future outlook for data centers and Bitcoin mining

• AI and HPC are expected to become increasingly important, with modular and edge computing models gaining traction.

• The integration of Bitcoin mining with traditional data centers is anticipated to provide grid flexibility and optimize power usage.

• National security concerns around foreign ownership of block space and data center assets are emerging as a significant issue.

• The market is expected to see larger, higher-density campuses and new entrants, with companies finding specialized niches.

• Competitive advantage will depend on the ability to secure power at scale and innovate in infrastructure design and deployment.